Friday, June 11th saw the front-month NYMEX Natural Gas Futures Contract open at $3.236, nine cents above Thursday’s closing price of $3.149. Supported by an expected increase in cooling demand to close out the month, prices rose overnight and continued well into the day. Marking an intraday low of $3.235 early on, the contract surpassed $3.280 by midday and achieved a six-month intraday high of $3.330 at 1:50PM as concerns regarding reduced pressure on the TETCO pipeline persist. July closed higher on Friday at $3.296, up 6% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF injection to storage for the week ended June 4th – in line with the market estimate of 100 BCF. Total working gas in storage was reported as 2,411 BCF; 13.7% below this time last year and 2.2% below the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up 45 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up two cents.
Natural Gas Glossary
Natural Gas Supplier
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.